My Sully lawyer has identified a difference when comparing the assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that he is duty bound to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We are buying a flat and require a conveyancing solicitor in Sully who is on the TSB approved panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for TSB . We don't recommend any particular firms conducting conveyancing in Sully.
Various internet forums that I have visited warn that are the number one cause of hinderance in Sully house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Searches are not likely to be the root cause of slowing down conveyancing in Sully.
I'm buying my first flat in Sully with a loan from Birmingham Midshires. The developers would not budge the price so I negotiated 6k of extras instead. The house builders rep suggested that I not to tell my conveyancer about the side-deal as it will impact my mortgage with Birmingham Midshires. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Should I be concerned by estate agents that I am dealing with are recommending a nationwide conveyancing firm rather than a local Sully conveyancing practice?
As with many service providers, often recommendations from connections can be most helpful. Yet there are lots of players in a conveyancing matter; estate agents, mortgage brokers and banks might all recommend lawyers to retain. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there might be a commercial relationship behind the endorsement. You have the discretion to choose your own lawyer. Don't forget that the majority of lenders specify a panel list of conveyancers you must use for the mortgage aspect of your transaction.
My conveyancers in Sully have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.